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If you receive a refund on state income taxes that includes interest the interest is nontaxable if the refund is not taxable?
Wiki User
∙ 16y ago
First, a refund of State Income Tax, was deductible when it was paid (and presumably taken as a deduction), and IS taxable when refunded. (You took a tax benefit when paying it, so you have to give back that same tax benefit when you get the tax (or some portion of it) refunded). I can see no reason that the interest wouldn't be taxable. Only certain interest, (from specifically declared but not all Municipal and some other bonds), is not taxable. Otherwise, the source of the interest does not effect it's character as interest, which is taxable. The fact it may be from a government doesn't mean much. Certainly lots of people get paid lots of things from the government that are taxable.
Wiki User
∙ 16y ago
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Bank interest received on saving account is taxable or nontaxable for the assessment year 2007-2008?
bankinterest received on saving bank account is taxable or nontaxable for the assessment year 2007-2008
What is the formula for gross income?
The IRS defines gross income as the total of earned income plus unearned income. Earned income includes salaries, wages, tips, and professional fees. Unearned income includes taxable interest, ordinary dividends, capital gain distributions, unemployment compensation, taxable social security benefits, etc. For more information, go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
What is the federal tax rate on an EEOC mediated settlement?
Settlements may be taxable or nontaxable, depending on the claim that's been settled. Taxable settlement amounts include interest, compensation for lost wages, etc. There's no set federal tax rate on a settlement. How much tax you'll be assessed depends on your filing status and taxable income. Taxable settlement amounts usually are entered on line 21 (Other Income) on Form 1040. For more information, go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
What types of income must be reported on personal income tax forms?
All of your gross taxable worldwide income is required to be reported on your 1040 federal income tax return in the year that youGo to the IRS gov website and use the search box for Publication 525 TAXABLE and NONTAXABLE INCOMEYou can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject.Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.Constructively received income. You are generally taxed on income that is available to you, regardless of whether it is actually in your possession.
What is taxable interest on the 1040EZ tax form?
Form 1040EZ is Income Tax Return for Single and Joint Filers with No Dependents. Line 2 in the Income Section of Form 1040EZ is where you enter taxable interest. Most interest that you receive and that you can withdraw is taxable income. Examples of taxable interest are interest on bank accounts, money market accuracy certificates, and credit union dividends. The payer sends this information to you on Form 1099-INT or Form 1099-OID.
Bank interest received on saving account is taxable or nontaxable for the assessment year 2007-2008?
bankinterest received on saving bank account is taxable or nontaxable for the assessment year 2007-2008
What is the difference in taxable income and nontaxable income?
Taxable income is stuff that you paid for that will benefit you for your job or business. Nontaxable income is income that isn't necessary to needing it to be taxed.
Types of income that are not taxed?
All gross worldwide income is taxable on your 1040 income tax return unless it is specifically exempted by law.For the individual taxpayerPublication 525 (2009), Taxable and Nontaxable IncomeNontaxable income, IntroductionIntroductionYou can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject.Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.
Are certificate of deposits taxable?
No, the monies that are in your Certificate of Deposit are not taxable but the interest that you make on the deposited monies are taxable. You should receive a 1099-B each for the amount of interest made on the CD for the year. http://taxresolutionaries.blogspot.com
What is the formula for gross income?
The IRS defines gross income as the total of earned income plus unearned income. Earned income includes salaries, wages, tips, and professional fees. Unearned income includes taxable interest, ordinary dividends, capital gain distributions, unemployment compensation, taxable social security benefits, etc. For more information, go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
What is the federal tax rate on an EEOC mediated settlement?
Settlements may be taxable or nontaxable, depending on the claim that's been settled. Taxable settlement amounts include interest, compensation for lost wages, etc. There's no set federal tax rate on a settlement. How much tax you'll be assessed depends on your filing status and taxable income. Taxable settlement amounts usually are entered on line 21 (Other Income) on Form 1040. For more information, go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
Is my life insurance payout before death taxable?
Generally, if you receive the proceeds under a life insurance contract because of the death of the insured person, the benefits are not included in gross income and do not have to be reported:Any interest you receive would be taxable and would need to be reported just like any other interest received.If the policy was transferred to you for cash or other valuable consideration, the exclusion for the proceeds is limited to the sum of the consideration you paid, additional premiums you paid, and certain other amounts.There are some exceptions to this rule. For additional information, see IRS Publication 525, at www.irs.gov Taxable and Nontaxable Income.
Is interest income taxed when received or earned?
Interest income is considered taxable when earned. For example, if your savings account accrues interest, it is taxable at the time of accrual even if you are not utilizing the funds within the account. However, if you are accruing interest on a treasury bond that you have not yet cashed, the interest is not taxable until the bond is cashed and you receive the funds.
What kinds of income must be reported for income taxes?
All of your gross taxable worldwide income is required to be reported on your 1040 federal income tax return in the year that youGo to the IRS gov website and use the search box for Publication 525 TAXABLE and NONTAXABLE INCOMEYou can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject.Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.Constructively received income. You are generally taxed on income that is available to you, regardless of whether it is actually in your possession.
What types of income must be reported on personal income tax forms?
All of your gross taxable worldwide income is required to be reported on your 1040 federal income tax return in the year that youGo to the IRS gov website and use the search box for Publication 525 TAXABLE and NONTAXABLE INCOMEYou can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject.Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.Constructively received income. You are generally taxed on income that is available to you, regardless of whether it is actually in your possession.
Is ppf interest taxable?
No. It is not taxable
What is taxable interest on the 1040EZ tax form?
Form 1040EZ is Income Tax Return for Single and Joint Filers with No Dependents. Line 2 in the Income Section of Form 1040EZ is where you enter taxable interest. Most interest that you receive and that you can withdraw is taxable income. Examples of taxable interest are interest on bank accounts, money market accuracy certificates, and credit union dividends. The payer sends this information to you on Form 1099-INT or Form 1099-OID.
